Tuesday, July 19, 2011

Common Money Mistakes in your 20’s

1. Not saving at all

Most young adult will delay savings especially when they are still enjoying the fruits of their first job. Not realizing that they have financial obligations in the future is dangerous. The earlier someone realizes the better his goals will be.

2. Not saving enough

The enlightened young adult will save some cash but most probably they don’t know how much is enough.

3. Not having a goal with your money

A hard-earned money without a goal is useless. Most often than not it will go to unnecessary things.

4. Spending beyond your limit

Over spending is the most common problem people make. Even people in their 30’s, 40’s and 50’s over spend. If this practice is not addressed in the early years it will become a habit and will certainly ruin one’s finances.

5. Getting into deep debt

Excited with their powerful plastics, the swipers will never be contented. If you are not smart enough to pay everything at cut-off I’m sure you’ll be having trouble with your magic plastic.

6. Not paying your credit

Do you think you can get out of your debt so easily? Changing of address and contact details are not the solution. Your name will be in their block list and you might not be able to borrow money from any bank again.

7. Not giving back

It is in the power of giving that we receive. Giving a portion of your income to the needy will multiply the blessings that you will be receiving.

8. Developing unhealthy attitude towards money

Money is just a tool. It is not a god. Focusing on money alone is unhealthy. You got to have a balance.

9. Not studying investments

Investments are great tools designed to amass wealth. Poor people don’t know it. The reason a 20 something is poor is because he has not met investment yet.

10. Not studying Taxation in the Philippines

Taxation is a thing that you cannot live without. You eat, they tax you. You travel, they tax you. You die, they tax you. Learn how to do away with taxes and you will have a better footing. (No I am not encouraging you to falsify documents!)

1 comment:

  1. i met investment already but still i'm not embracing it yet ahhhhhhh, i need too....thanks ate millette, your super financial adviser, i like it :)